The LSCU Advocacy Team has been working with Rep. Bill Posey (R-FL) to find opportunities for including his RBC delay legislation in a larger bill that will move through the House. In the last day, Rep. Posey has been able to convince House Financial Services Committee Chairman Jeb Hensarling and other senior House Republicans to put his bill, HR 5288, into a Defense bill that will be considered by the House next week.
This is very good news, as the Posey bill will postpone the effective date of RBC until January 2021 and give credit unions additional time to prepare.
Stay tuned for further developments. Nothing is final yet, and credit unions may have to work to defend this provision against possible banker objections.